Samvardhana Motherson International after the market hours on Friday announced that it has fixed Wednesday, 5 October 2022 as the record date for the proposed bonus issue of shares.
On 16 August 2022, the company's board recommended the issue of bonus shares in the ratio of one bonus equity share against two existing equity shares. The bonus issue is subject to the approval of the shareholders.
The company said the shareholders have approved the issue of bonus shares by passing an Ordinary Resolution by means of postal ballot.
Samvardhana Motherson International (SAMIL) [formerly Motherson Sumi Systems] is one of the world's leading specialised automotive component manufacturing companies for OEMs. With a diverse global customer base of nearly all leading automobile manufacturers globally, the company has a presence in 41 countries across five continents. SAMIL is among the top 25 automotive component suppliers globally.
The company's consolidated net profit declined 51.24% to Rs 141.22 crore despite an 8.92% rise in sales to Rs 17,453.63 crore in Q1 FY23 over Q1 FY22.
Shares of Samvardhana Motherson International fell 2.92% to close at Rs 118.15 on Friday, 23 September 2022.
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